Uber Turns To Profit In Q4, Beats Street

(RTTNews) - The ride-hailing service company, Uber Technologies, Inc. (UBER) has turned to profit in the fourth quarter primarily fuelled by better revenue. The earnings trumped the Street projection.

Uber reported a net income of $892 million or $0.44 earnings per share, compared to a net loss of $968 million or $0.54 loss per share in the same quarter prior year. On average, 28 analysts polled by Thomson Reuters estimated a loss of $0.35 per share, in the quarter.

The company also reported higher revenue in the quarter of $5.77 billion, up from $3.16 billion in the same quarter last year. The growth was fuelled by a 23% increase in trips year-over-year and also a 27% increase in monthly active platform consumers. The analysts projected revenue was $5.34 billion.

For the first quarter of the next financial year, Uber expects a gross booking in the range of $25 billion to $26 billion.

Nelson Chai, CFO of the company said, "We outperformed our quarterly guidance and delivered $540 million of Adjusted EBITDA improvement compared to Q4 of last year."

Since the result, the stock of the company has risen to $42.65 in the after-market hours, up $2.46 or 6.12% since the close of the market at $40.19. The market opened at $38.81 in the morning after closing at $38.34 on the previous day